news 
STABLE Act Advances as House Committee Approves Stablecoin Framework
The Housing Department was exploring the potential use of stablecoins in government functions. Waters argued that the bill could potentially allow a Trump-backed stablecoin to be used in social housing or federal payments if no restrictions are added. The STABLE Act, which is advancing, does not directly endorse any stablecoin but leaves open the possibility of its use in regulated systems. Critics have expressed concern that this might enable stablecoins issued by politically connected entities to enter government programs.
In related news, the GENIUS Act has also advanced with the Senate Banking Committee passing it with an 18-6 vote. The bill aims to outline who can issue stablecoins and how their value must be backed. Senator Kirsten Gillibrand commented that the updates improved consumer protections and other provisions, following bipartisan discussions focused on aligning the GENIUS Act with concerns from both parties.
It appears that a coordinated push is underway to align the STABLE Act and GENIUS Act, as there are still differences between them. If successful, this could help avoid the need for a conference committee later in the process.
Source: https://coinchapter.com/stable-act-advances-as-house-committee-approves-stablecoin-framework/?utm_source=rss&utm_medium=rss&utm_campaign=stable-act-advances-as-house-committee-approves-stablecoin-framework
